U.S. Federal Reserve Governor Edward Gramlich said on Feb 20, 2001 central banks had to move preemptively given the time it took for their actions to feed through to the economy. He advocated the use of forward-looking, flexible, inflation targetting as a way of responding to complex macro-economic developmments arising from changes in productivity, in cost pressures, investment, exchange rates and capital stock, Gramlich said in the text of a speech prepared for delivery at a Euromoney bond